Longleaf Partners is flipping the placard on its Global Fund from “Closed” to “Open”. The fund originally launched on December 31, 2012.
Several weeks later investors received a letter from O. Mason Hawkins, chairman and chief executive officer of Southeastern Asset Management, telling them, “Limited new qualifying investments, combined with relatively quick inflows from shareholders, have left us with excess liquidity. Remaining open would dilute existing investors by further raising our cash level...When qualifying investment opportunities enable us to put the Fund’s cash to work, and additional inflows will benefit our partners, we will re-open the Global Fund to new investors.”
Those opportunities have presented themselves as the fund was re-opened on April 16 according to a Securities and Exchange Commission filing.